Tesla, Inc. $TSLA Shares Sold by CX Institutional

Key Points

• CX Institutional reduced its holdings in Tesla, Inc. by 3.3% during the second quarter, owning 72,845 shares valued at approximately $23.14 million.
• Other institutional investors have also made significant changes, with Means Investment CO. Inc. increasing its position in Tesla by 37.7% and others following suit with various increases.
• A number of analysts have downgraded or adjusted their target prices for Tesla, with Mizuho reducing their target from $390 to $375 and HSBC setting a $120 target price.

CX Institutional decreased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,845 shares of the electric vehicle producer's stock after selling 2,484 shares during the period. Tesla accounts for approximately 0.8% of CX Institutional's holdings, making the stock its 28th biggest holding. CX Institutional's holdings in Tesla were worth $23,140,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after buying an additional 3,694,524 shares during the period. Goldman Sachs Group Inc. increased its holdings in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after buying an additional 20,291,139 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Tesla by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after acquiring an additional 849,091 shares in the last quarter. Amundi boosted its stake in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Tesla by 17.6% in the first quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock valued at $3,832,047,000 after acquiring an additional 2,211,300 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 208,606 shares of company stock worth $77,360,462 over the last 90 days. Corporate insiders own 19.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TSLA. UBS Group restated a "sell" rating on shares of Tesla in a research note on Monday. The Goldman Sachs Group raised their target price on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research note on Thursday, September 18th. Mizuho lifted their price objective on shares of Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a research note on Tuesday. Wedbush reiterated an "outperform" rating and set a $500.00 price objective on shares of Tesla in a research note on Monday, September 15th. Finally, Canaccord Genuity Group lifted their price objective on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $326.74.

Tesla Stock Down 2.2%

Tesla stock traded down $9.51 during mid-day trading on Tuesday, reaching $424.70. 56,064,195 shares of the company's stock were exchanged, compared to its average volume of 103,076,430. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a fifty day moving average of $343.03 and a 200-day moving average of $309.87. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.41 trillion, a P/E ratio of 246.28, a P/E/G ratio of 14.86 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

About Tesla

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.